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Contract costing

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(Querist)
26 November 2014 while preparing contract costing and in the 2nd year or in any subsequent year the work in progress is debited to the contract a/c but after deducting the reserve which has been taken in the previous year from notional profit reason for such deduction of reserve..
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
26 November 2014 its like in case of loss of money to be recieved in future it will safeguard..thus a conservative approach.
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